The market for Li-ion batteries is growing aggressively, driven by underlying global demand for portable electronic products. In a global effort, numerous companies, universities, and governments in the U.S., Europe, and Asia are investing in advanced battery research and manufacturing technology to serve large emerging markets in EDVs and grid scale energy storage. These investments are largely focused on Li-ion chemistries, as most industry experts believe Li-ion chemistry will be the system of choice for the next 15 to 20 years.
According to H. Takeshita at the Institute of Information Technology, portable products consumed nearly $12 billion worth of Li-ion cells in 2011. These batteries used more than $400 million of electrolyte in 2011. Including demand for emerging markets in EDVs and grid scale storage, various forecasters project the market to grow to between $31 and $43 billion in 2020, which will grow the market for electrolytes to between $1.1 and $1.5 billion in 2020.
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